Are you considering, well, crossing over from your current US regulatory position to a Blockchain Technology, or Cryptocurrency company? Crossing over may not be a bad choice.
The cryptocurrency market has grown exponentially since its inception and is increasingly running into regulatory challenges from the ferociousness of legislators and other global entities all over the world. Lately, the US Government has been witnessing regulators leaving government positions and crossing over to crypto tech companies for many different reasons. Fintech companies are luring regulators over with options, like large salaries, company stock, sometimes millions of cryptocurrency and a host of other benefits. The primary reason for crossing over is due to the need of experienced individuals, who are acclimated to the regulatory process, while possessing the ability of leading a regulatory Fintech team. With cryptos uncertainty continuing to drag along with US regulators, these companies recognize employing former U.S. officials will help them navigate through the shifting regulatory maze.
After all, Blockchain and Cryptocurrency companies are currently booming, according to technical job recruiting reports from 2019, blockchain developers are currently the most sought after occupation. Remember Benjamin M. Lawsky, an Attorney, former New York State’s first Superintendent of Financial Services, and former Acting Superintendent of Banks serving through 2011? Ben Lawsky was the one who created the BitLicense, an industry-leading regulation for digital-asset businesses operating in the state of New York. Well, Ben crossed over to join on as a Board Member with Ripple Labs. Ripple is a blockchain, cryptocurrency transfer network designed to serve the needs of the financial services industry. It’s native cryptocurrency XRP, a cryptocurrency tailored to work on the Ripple network. XRP is consistently listed among the top ten cryptocurrencies by market capitalization. Ripple hasn’t stopped recruiting as news broke this month that Ripple has gotten another former official. Rosa “Rosie” Gumataotao Rios served as the 43rd Treasurer of the United States and is a Visiting Scholar at the Radcliffe Institute for Advanced Study at Harvard University. Ripple announced Rosie has crossed over, and has been appointed their newest Board Member.
Then there’s Brian Brooks, Brian was the former Acting Comptroller at the Office of the Comptroller of Currency who crossed over to blockchain and cryptocurrency. He has recently become the CEO of Binance.US., the US affiliate of the world’s largest cryptocurrency exchange. There was news this week that BitGo, a leader in digital asset financial services and custody, announced that Cassandra Lentchner will serve as the company’s Chief Operating Officer. Lentchner crossed over from overseeing the compliance and regulatory standards for New York’s BitLicense and Cybersecurity framework, while serving as Deputy Superintendent of Compliance for New York Department of Finance Services (NYDFS). Coinbase hired former SEC official Brett Redfearn (who was responsible for overseeing regulation of exchanges) as its VP of Capital Markets, Binance Global announced former U.S. Senator and Ambassador to China, Maxwell Baucus, would join Binance Global as Policy Adviser and Government Liaison.
All and all, blockchain and cryptocurrency is making its way into almost every area of finance, business, and just about everything else we do. This massive blockchain and cryptocurrency disruption has created a once in a lifetime opportunity for these former government officials.
Therefore, crossing over from government official position to blockchain, cryptocurrency, and fintech companies is a calculated risk, and one that many are willing to take.
